Shares of New York Times Co. NYT, +1.71% rallied 1.2% in morning trade Thursday, to buck the selloff in the broader market, after J.P. Morgan analyst Alexia Quadrani became a little more bullish on the media company on the expectation that the “Trump bump” will continue. Quadrani raised her stock price target to $32, which is 27% above current levels and price not seen during regular session hours since Sept. 20, 2005. She said that while quarterly subscriber growth could continue to be “volatile,” given the timing of marketing campaigns and uneven news cycles, longer-term trends are positive and growth is expected to remain elevated for the foreseeable future. “Looking at results for [the second half of the year], we project a ramp in digital subscriber growth in part driven by the Kavanaugh hearings, Trump tax stories and midterm elections,” Quadrani wrote in a note to clients. The stock has soared 36% year to date, while the S&P 500 SPX, -0.70% has gained 3.1%.
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